29% said their main aim when remortgaging was to lower their monthly payments, the most popular response.

The lender has also added an HMO and Airbnb product to its second charge buy-to-let product range.

Sidney Wager, head of intermediary market development at Barclays, explores how increased optimism and confidence in the market is shaping the remortgage market for 2024.

The month saw a noticeable shift towards shorter-term fixed rate options.

Two-year fixes remain the most popular product.

Further work is now underway to fully integrate PEXA into Shawbrook’s application journey.

Internal product transfers increased by 11% in 2023.

Product transfer and further advance products have reduced by up to 0.92%, with remortgage rates also seeing significant cuts.